Life Insurance for Seniors 2026

Life Insurance Options for Seniors

Type	Coverage Amount	Ages	Health Exam?	Best For
Final Expense	$5,000–$25,000	50–85	No	Funeral & burial costs
Guaranteed Issue	$2,000–$25,000	50–80	Never	Poor health, no exam at all
Term Life (10-yr)	$50K–$500K	60–75	Usually	Mortgage payoff, income replacement
Whole Life	$25K–$1M+	60–80	Sometimes	Estate planning, wealth transfer
Universal Life	$100K–$2M+	60–85	Yes	Flexible premium estate planning

Senior Life Insurance Rates 2026

Term Life — $250,000, 10-Year Term

Age	Male (non-smoker)	Female (non-smoker)	Male (smoker)
60	$108/mo	$79/mo	$287/mo
65	$178/mo	$127/mo	$468/mo
70	$318/mo	$218/mo	$742/mo

Final Expense — $10,000 Whole Life

Age	Male	Female
60	$39/mo	$31/mo
65	$51/mo	$39/mo
70	$68/mo	$52/mo
75	$97/mo	$73/mo
80	$142/mo	$108/mo

Best Life Insurance Companies for Seniors

Company	Best For	Max Issue Age	Coverage
Mutual of Omaha	Final expense coverage	85	$2K–$25K
AIG / Am. General	Seniors with health issues	80	$5K–$25K guaranteed
Transamerica	Affordable term for age 60–70	80	$25K–$2M
Lincoln Benefit Life	Whole life, estate planning	80	$100K+
Gerber Life	Guaranteed acceptance, ages 50–80	80	$5K–$25K

Frequently Asked Questions

Can a 70-year-old get life insurance?

Yes. Options include 10-year term (if healthy), whole life, and final expense / guaranteed issue policies. Coverage amounts are more limited and premiums are higher, but protection is absolutely available.

What's the difference between final expense and guaranteed issue?

Final expense insurance asks a few health questions but no exam. If you answer honestly and qualify, rates are lower. Guaranteed issue asks zero health questions — acceptance is guaranteed — but premiums are higher and there's usually a 2-year waiting period before the full death benefit pays out.

Is life insurance worth it for seniors?

It depends on your goals. If you want to cover burial costs ($10,000–$15,000), a small final expense policy makes sense. If you have dependents or a mortgage, a larger policy may be warranted. If you're debt-free with ample savings, you may be self-insured.